‘Unlocking energy potential of Africa, for Africa’

Thursday, 17 March 2016 07:22

Unlocking the huge energy potential of Africa, for Africa, will be a major focus of the Bank, said Adesina. (Image Source: africaprogresspanel/Flickr)The new deal articulated by African Development Bank (AfDB) on energy for Africa will add 160GW of new electricity generation capacity to Africa’s power grids by 2025

The New Deal on energy for Africa was formed in September 2015 by the bank which also launched a transformative partnership on energy for Africa to light up and power the continent by 2025.

AfDB president Dr. Akinwumi Adesina said a lot more needed to be done given Africa’s energy potential and huge demands need to be met, adding that energy will remain the central theme of the AfDB’s 2016 Annual Meetings as well as its 2015 Annual Report.

“The goal is to add 160GW of new generation capacity through the existing grid, deliver 130mn new grid and 75mn off-grid connections,” Adesina explained.

He added that “Africa is blessed with limitless potential for solar, the wind, hydropower and geothermal energy resources. We must unlock Africa’s energy potential – both conventional and renewable. Unlocking the huge energy potential of Africa, for Africa, will be a major focus of the Bank.”

A statement from the bank said the continent’s energy needs are so huge that efforts being made in the sector often appear like drops of water sprinkled in the Sahara Desert.

According to the bank, its current energy portfolio hovers around US$11bn, but lending to energy sector projects (public and private) is exceeding an annual US$1bn in recent years.